People's United Financial, Inc. | 2013 | FY | 3


NOTE 2 – Cash and Short-Term Investments

 

A combination of reserves in the form of deposits with the FRB-NY and vault cash, totaling $79.1 million and $80.6 million at December 31, 2013 and 2012, respectively, were maintained to satisfy federal regulatory requirements. Vault cash is included in cash and due from banks and interest-bearing deposits at the FRB-NY are included in short-term investments in the Consolidated Statements of Condition. Interest-bearing deposits at the FRB-NY represent an alternative to overnight federal funds sold and had a yield of 0.25% at both December 31, 2013 and 2012.

Short-term investments consist of the following cash equivalents:

 

As of December 31 (in millions)

   2013      2012  

Interest-bearing deposits at the FRB-NY

   $ 102.5       $ 69.7   

Money market mutual funds

     10.8         52.6   

Other

     10.3         9.1   
  

 

 

    

 

 

 

Total short-term investments

   $ 123.6       $ 131.4   
  

 

 

    

 

 

 

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